Comments on: Stay Home or Go Back to Work: The Results http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/ because money doesn't grow on trees Thu, 09 Feb 2012 14:28:55 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Mr Candid http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-120514 Mr Candid Tue, 10 Jan 2012 16:40:43 +0000 http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-120514 Thanks for sharing this! I have never blogged but had to for this one. I am so glad I found your blog as this is greatly helping me with my own analysis to determine if my wife "SHOULD" stay home. We now have a three month old. Although. I am sure that we could cut back and so that my wife could stay at home, the numbers show that she needs to work. I am concerned that too many people don’t realize that in today’s day and age need to be setting aside a ton of money. People really aren’t doing the math and considering all of these variables they are just making an emotional decision without understanding the ramifications. Trust me when I say I would love to be able to afford to have my wife stay at home.. We just can’t afford to and I live below my means and make very good money. Some things that I would encourage you to add to your considerations: - Future $$$ Value you give up by stepping out of the work force – You to a great job of identifying short run things you give up but there are also long term impacts. Are you likely to have a lower salary when you matriculate back in??? (not telling you something you don’t know) o 401k what will the 3Yrs that you are not contributing mean to you at retirement? I have a high-end financial planner that tells me that I need between $7MM & $9MM at the age of retirement to live like I make $150K a year.. I am 34 now. You need $3MM to retire today and to be able to take out $100k/yr and not impact the principle.. o Saving for College Education for your child now: Assuming that my child’s tuition will be $50K in today’s dollars 18 years from now (a really good school) I am going to have to set aside about $1200 a month to pay for college 18 years from now. Or I will have to save $400K + o Social Security: You touched on it but I think you should also consider…. assuming you are stepping out of the work force for a few years 3 or 4. All things being equal… What impact will not paying into SS now will have when you actually are of the age that you can collect it. These are just some thoughts… Thanks for hitting this head on.. You won’t believe how many people avoid this issue and the lack of info out to support these thoughts… I could use some help.. Have you seen any Good studies that support the $$ value impact stepping out of the workforce really has on an man or a woman. Thanks for sharing this! I have never blogged but had to for this one. I am so glad I found your blog as this is greatly helping me with my own analysis to determine if my wife “SHOULD” stay home. We now have a three month old. Although. I am sure that we could cut back and so that my wife could stay at home, the numbers show that she needs to work. I am concerned that too many people don’t realize that in today’s day and age need to be setting aside a ton of money. People really aren’t doing the math and considering all of these variables they are just making an emotional decision without understanding the ramifications. Trust me when I say I would love to be able to afford to have my wife stay at home.. We just can’t afford to and I live below my means and make very good money. Some things that I would encourage you to add to your considerations:

- Future $$$ Value you give up by stepping out of the work force – You to a great job of identifying short run things you give up but there are also long term impacts. Are you likely to have a lower salary when you matriculate back in??? (not telling you something you don’t know)
o 401k what will the 3Yrs that you are not contributing mean to you at retirement? I have a high-end financial planner that tells me that I need between $7MM & $9MM at the age of retirement to live like I make $150K a year.. I am 34 now. You need $3MM to retire today and to be able to take out $100k/yr and not impact the principle..
o Saving for College Education for your child now: Assuming that my child’s tuition will be $50K in today’s dollars 18 years from now (a really good school) I am going to have to set aside about $1200 a month to pay for college 18 years from now. Or I will have to save $400K +
o Social Security: You touched on it but I think you should also consider…. assuming you are stepping out of the work force for a few years 3 or 4. All things being equal… What impact will not paying into SS now will have when you actually are of the age that you can collect it.
These are just some thoughts… Thanks for hitting this head on.. You won’t believe how many people avoid this issue and the lack of info out to support these thoughts… I could use some help.. Have you seen any Good studies that support the $$ value impact stepping out of the workforce really has on an man or a woman.

]]> By: Allspentout http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-22814 Allspentout Tue, 16 Nov 2010 23:57:23 +0000 http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-22814 I am glad I found your site... we are struggling with a similar decision, I am currently at home, but it seems to make much more financial sense for me to go back to work, but it is a heart wrenching decision... I am glad I found your site… we are struggling with a similar decision, I am currently at home, but it seems to make much more financial sense for me to go back to work, but it is a heart wrenching decision…

]]> By: Father Sez » Archive » Getting ready for a different rhythm to my life http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-4096 Father Sez » Archive » Getting ready for a different rhythm to my life Sun, 27 Jul 2008 14:44:30 +0000 http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-4096 [...] have been sort of expecting something like this ever since she wrote some about some of the “pulls and pushes in her life” way back in January and February [...]

[...] have been sort of expecting something like this ever since she wrote some about some of the “pulls and pushes in her life” way back in January and February [...]

]]> By: Adey http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-924 Adey Thu, 14 Feb 2008 06:14:38 +0000 http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-924 Thanks for this post. We aren't ready to have kids yet but off and on I've been thinking about the best ways to prepare our household. The way you laid things out will make planning a little easier. Also, I think the most important thing to consider is what is best for your family. Thanks for this post. We aren’t ready to have kids yet but off and on I’ve been thinking about the best ways to prepare our household. The way you laid things out will make planning a little easier.

Also, I think the most important thing to consider is what is best for your family.

]]> By: FMF http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-907 FMF Tue, 12 Feb 2008 20:44:30 +0000 http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-907 Don't do it! The benefit to your kids (and your relationship to them) is priceless. (Just look at all the comments you've received on this and other posts telling you how others didn't go back to work and never regretted it.) So what would I suggest instead? 1. Cut expenses. Some will drop as a direct result of you not working, but others can be added because you'll have more time to focus on them (such as taking time to food shop using more sales, coupons, etc.) 2. Have your husband work on growing his income. 3. Start a business at home. You have a good blog here -- and you can probably build it into something that earns you $1k-$2k per month if you work at it and stick to it. My wife has stayed at home with our kids and always says she's been so blessed to do so. And I think it's made a HUGE difference to our kids and our relationship with them. Don’t do it! The benefit to your kids (and your relationship to them) is priceless. (Just look at all the comments you’ve received on this and other posts telling you how others didn’t go back to work and never regretted it.)

So what would I suggest instead?

1. Cut expenses. Some will drop as a direct result of you not working, but others can be added because you’ll have more time to focus on them (such as taking time to food shop using more sales, coupons, etc.)

2. Have your husband work on growing his income.

3. Start a business at home. You have a good blog here — and you can probably build it into something that earns you $1k-$2k per month if you work at it and stick to it.

My wife has stayed at home with our kids and always says she’s been so blessed to do so. And I think it’s made a HUGE difference to our kids and our relationship with them.

]]> By: 46th Carnival of Money Stories—Living it Out http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-897 46th Carnival of Money Stories—Living it Out Tue, 12 Feb 2008 09:34:26 +0000 http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-897 [...] at My Dollar Plan presents the results of her stay home or go back to work poll. She’s dealing with both needs and responsibilities…and hopefully she’ll [...]

[...] at My Dollar Plan presents the results of her stay home or go back to work poll. She’s dealing with both needs and responsibilities…and hopefully she’ll [...]

]]> By: Mr. Debtbeater http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-834 Mr. Debtbeater Mon, 11 Feb 2008 11:33:50 +0000 http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-834 My wife has stayed at home with our six children and we\'ve never thought twice about what we\'ve missed out on financially because of it. It\'s simply made such a difference in our lives and for our children. Quite frankly, I\'m jealous. I\'d love to be the one that gets to stay home with them. Perhaps someday I\'ll get enough of the \"multiple streams of income\" going to where I can be home more, but we\'ll see. Good for you for trying! My wife has stayed at home with our six children and we\’ve never thought twice about what we\’ve missed out on financially because of it. It\’s simply made such a difference in our lives and for our children.

Quite frankly, I\’m jealous. I\’d love to be the one that gets to stay home with them. Perhaps someday I\’ll get enough of the \”multiple streams of income\” going to where I can be home more, but we\’ll see.

Good for you for trying!

]]> By: Perry Internet Consulting » Blog Archive » Finance Blogs http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-832 Perry Internet Consulting » Blog Archive » Finance Blogs Mon, 11 Feb 2008 11:06:32 +0000 http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-832 [...] - These blogs put a personal spin on the topic that’s very appealing. One woman did a financial analysis to see if she could afford to be a stay at home mom. Another blogger tells about the excitement of paying off her credit cards. These blogs give us a [...]

[...] – These blogs put a personal spin on the topic that’s very appealing. One woman did a financial analysis to see if she could afford to be a stay at home mom. Another blogger tells about the excitement of paying off her credit cards. These blogs give us a [...]

]]> By: Kelly Rigby http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-802 Kelly Rigby Thu, 07 Feb 2008 04:32:29 +0000 http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-802 Congratulations on navigating this emotional minefield with your values and future goals intact. It sounds like you guys are super focused and committed to a well thought out plan, and I have every confidence that this will only mean good things for you and your family's long term happiness. :) Kelly Congratulations on navigating this emotional minefield with your values and future goals intact. It sounds like you guys are super focused and committed to a well thought out plan, and I have every confidence that this will only mean good things for you and your family’s long term happiness.

:) Kelly

]]> By: Becky @ FamilyandFinances http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-767 Becky @ FamilyandFinances Mon, 04 Feb 2008 19:35:03 +0000 http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-767 It was very interesting reading your posts on this topic. I actually consider myself "lucky" to make a lot less than my husband since I know it will make it easier to switch to one income when we have kids :) It was very interesting reading your posts on this topic. I actually consider myself “lucky” to make a lot less than my husband since I know it will make it easier to switch to one income when we have kids :)

]]> By: Carol http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-739 Carol Sat, 02 Feb 2008 12:22:31 +0000 http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-739 Sounds like a great decision for you! My child is now 18. After living through the work/life struggle, I would advise any mom to always keep a toe dipped into her career no matter the number of children at home. The "toe" could be occasional contracting work on projects that relate to the career and even volunteer work that puts the skills of the career to work. Whatever the situation, keep on _networking_ and keep that career identity. Two big reasons: a woman needs a portion of her life to be about her and not about kids and you never know when life may change, forcing you to return to your career/income. Best of luck! Sounds like a great decision for you!

My child is now 18. After living through the work/life struggle, I would advise any mom to always keep a toe dipped into her career no matter the number of children at home. The “toe” could be occasional contracting work on projects that relate to the career and even volunteer work that puts the skills of the career to work. Whatever the situation, keep on _networking_ and keep that career identity.

Two big reasons: a woman needs a portion of her life to be about her and not about kids and you never know when life may change, forcing you to return to your career/income.

Best of luck!

]]> By: RacerX http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-736 RacerX Sat, 02 Feb 2008 10:05:07 +0000 http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-736 It has meant sacrifices here, but it has been great to give the kids something that we both would have prefered! It has meant sacrifices here, but it has been great to give the kids something that we both would have prefered!

]]> By: fathersez http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-735 fathersez Sat, 02 Feb 2008 07:18:42 +0000 http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-735 Good for you, Madison. As long as you keep thinking about improving your work/life balance, it will start happening. All the best to your meeting your goals! Good for you, Madison.

As long as you keep thinking about improving your work/life balance, it will start happening.

All the best to your meeting your goals!

]]> By: Lynnae @ beingfrugal.net http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-724 Lynnae @ beingfrugal.net Fri, 01 Feb 2008 15:24:49 +0000 http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-724 It looks like you've put a lot of thought into this and made a good decision for your family. I like you you're not stopping with going back to work, but that you have a plan for 2-3 years down the road as well! It looks like you’ve put a lot of thought into this and made a good decision for your family. I like you you’re not stopping with going back to work, but that you have a plan for 2-3 years down the road as well!

]]> By: Kacie http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-723 Kacie Fri, 01 Feb 2008 14:47:31 +0000 http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comment-723 Thanks for sharing the details of your thought process! It was interesting to hear about. Every family's situation is different, and it changes as we go through different seasons in our life. My mom ended up with a job earning a lot more than my father. I was a baby, and the only way they could afford to, well, live, was if he stayed home with me and she continued working. They simply couldn't afford paying someone to watch me. Unconventional, but it worked for us. A four-day workweek really does seem shorter than a five-day. Best wishes with everything! Thanks for sharing the details of your thought process! It was interesting to hear about.

Every family’s situation is different, and it changes as we go through different seasons in our life.

My mom ended up with a job earning a lot more than my father. I was a baby, and the only way they could afford to, well, live, was if he stayed home with me and she continued working. They simply couldn’t afford paying someone to watch me. Unconventional, but it worked for us.

A four-day workweek really does seem shorter than a five-day.

Best wishes with everything!

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